What is a Short Sale? How is it Different from a Foreclosure?

short sale lawyer Long IslandEach year, hundreds of homeowners fall behind on their mortgage payments or own a home that is worth less than the outstanding balance on their mortgage. As a result, a homeowner in this circumstance may elect to sell their home in a short sale or let it go into foreclosure. Both financial options differ from one another in the timeline and potential ramifications. Continue reading “What is a Short Sale? How is it Different from a Foreclosure?”

Buying A Foreclosed Property May Lead To Eviction

In New York State a foreclosure is a legal action in which the mortgage holder obtains title to a property due to a borrower defaulting on a loan. Once a judgment is obtained, the foreclosed property is auctioned off. A deed, known as a “Referee Deed,” is then created, which transfers title of the real property to the highest bidder. Continue reading “Buying A Foreclosed Property May Lead To Eviction”